Marksmen Energy Inc.

June 27, 2011 17:00 ET

Marksmen Announces Closing of Private Placement and Transaction with MAR Oil Company, Proposed Financing and Other Corporate Matters

CALGARY, ALBERTA--(Marketwire - June 27, 2011) - Marksmen Energy Inc. ("Marksmen" or the "Company") (TSX VENTURE:MAH) is pleased to announce that it has completed the closing of its previously announced non-brokered private placement (the "Private Placement") for 1,438,299 units of the Company at a price of $0.30 per unit for gross proceeds of $431,489.90. Each unit consists of one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder thereof to purchase one common share at a price of $0.50 per share for a period of one year from the date of closing.

The proceeds of the Private Placement will be used for a two well horizontal light oil test in the Eastern United States as well as seismic, land acquisition and other related oil and gas activities. In connection with the Private Placement, cash commissions of $5,199.19 were paid to non-related parties.

All securities issued pursuant to the Private Placement are subject to a four-month hold period in accordance with applicable securities law.

Transaction with MAR Oil Company and Update

The Company also announces that, further to the Company's press releases of October 10, 2010, January 25, 2011 and May 6, 2011, it has closed the transaction with MAR Oil Company ("MAR").

Marksmen also is pleased to announce that it has received confirmation from MAR that mobilization has occurred and drilling has commenced.

Corporate Matters

Marksmen is pleased to announce that it has appointed, subject to regulatory approval, William (Bill) A. Kanters to the board of directors. Mr. Kanters is employed with PetroBakken Energy Ltd. ("PetroBakken") where he has worked in Business Development and Corporate Planning; he currently has the role of Vice President Capital Markets. Prior to joining PetroBakken he worked in investment banking at Haywood Securities Inc., focusing on oil and gas financing and advisory activities for public and private companies. He holds a MBA, a MSc in Geological Sciences, and a BSc in Earth Science (Geophysics). The board of directors would like to welcome him to the Company.

As part of Mr. Kanters joining the board of Marksmen, Marksmen has completed a private placement with Mr. Kanters for 170,000 Units at a price of $0.30 per unit ("Unit") for aggregate gross proceeds of $51,000 (the "Offering"). The Units will be comprised of one (1) common share and one-half (1/2) of a share purchase warrant ("Warrant") of Marksmen. Each Warrant entitles the holder thereof to purchase one common share for $0.50 expiring 12 months from the date of the closing of the Offering.

The proceeds of the Offering will be used for general and administrative purposes. Completion of the Offering is subject to regulatory approval. The securities issued will be subject to a four month hold period from the date of the closing of the Offering.

Marksmen also announces that its board of directors intends to grant stock options to purchase 275,000 common shares of the Company to the Company's directors and consultants, subject to regulatory and TSX Venture Exchange (the "TSXV") approval. The options will be issued at an exercise price of $0.32 per share or such other price in accordance with the policies of the TSXV, vest as to one-third (1/3) immediately and one-third (1/3) on each of the next two anniversaries of the grant date and have a five year term.

Marksmen also wishes to announce the resignation of Thomas Rozak as President and a director of the Company. Mr. Rozak will continue with the Company as a consultant. The board of directors of the Company wishes to thank Mr. Rozak and wish him success in his future endeavors.

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Marksmen's disclosure documents on the SEDAR website at Marksmen does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Marksmen Energy Inc.
    Erich Boechler
    Chief Executive Officer
    (403) 265-7270